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Is it pure Halal or Haram,

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   MAB
Tuesday, May 21, 2013 04:51 AM 
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Not a property related question but for the benefit of other Muslims, if knowledgeable people can shed some light on the profit earned from Meezan Bank. Is it pure Halal or Haram?

Thanks. :1)
Visitor replied on Tuesday, May 21, 2013 05:25 AM 

There is no doubt that fixed interest is absolutely Haraam. There is a lot of controversy over so called Islamic Banking in Pakistan too, since it is termed as wine in pepsi bottle. I had previously invested in Islamic Financing but due to doubts and severe punishments of it (if) being Haram, I liquidated it and invested in real estate, which is Halal since it is permissible trade and bears risk and reward at the same time. Hope this is helpful
Wi replied on Tuesday, May 21, 2013 08:47 AM 

To understand this subject, we need to understand the current global monitory system, how it work with particular emphasis on money supply, nominal & real value of money.
Farhan replied on Tuesday, May 21, 2013 01:30 PM 

Not an expert on this but did some research on this my self and talked to people in Jamia Ashrafia as well, who do not clearly say Meezan bank is haram, since they do not give u a fixed profit, it varies every month on profits and loss of the bank. so after doing my analysis i have invested there still if nay brother can educate more, its always better, but my advice is to consult an expert as common ppl do not have enough knwoedge of financial rules and sharia concepts.
Bahrain replied on Tuesday, May 21, 2013 01:34 PM 

Dear MAB, riba interpretation has been very controversial. So use your imagination. Banks take your money and invest it to make money. The interest they pay you is a part of that profit. As for you, you are lending your money to an institution to do business with and are charging him fees or rent for that money. It sounds perfectly Islamic and legitimate to me. Unless you use your money to exploit people or you willingly and knowingly lend your money to companies or people that use it to exploit others, interest on term deposits in my humble opinion has no religious bearing.
paki replied on Tuesday, May 21, 2013 01:36 PM 

i also have similar question too.People who stock up Rice in their rice mills and wait for price to go up and sell them after six months, do you think that's haraam too( zakhera andoazee).
Hussain Kaisrani replied on Wednesday, May 22, 2013 03:39 AM 

IK TARAF JURM SAMAJHTA HOON ZAKHEERA KARNA
IK TARAF BASMATI SAAL PURANI MANGOON
Question replied on Wednesday, May 22, 2013 03:45 AM 

Riba is of course Haram, but question is what is riba?

Is it not an increase in value both qualitative (real) & quantitative (nominal). If value only increase in quantitative or nominal term can we call it Riba?
Omil replied on Wednesday, May 22, 2013 11:49 AM 

Dear MAB,

As per my research on the subject you should try and keep your self away from having savings account in any of the banks existing today. However may keep your current account in some Islamic Bank. This is the best practice in present times if we really want to stay away from the filth of RIBA.
Now, if your health and age doesn't allow and you don't have any other means of regular income and find having a savings account in some bank the only way through which regular income will be assured....go for an Islamic Bank. Transactions of these banks are usually endorsed by renowned muftis, like in case of Meezan Bank...I think Mufti Taqi Usmani Sb....a highly respected and credible religious scholar has endorsed it. I would again stress upon that best thing still would be to go for it in the worst scenario case. There is a Hadith with meaning " ek aisa waqt aye ga jab sood tu kia sood k cheentaon se bi koi nae bach saky ga"!! Aren't we living in the same times ?
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